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ECB buys Irish bonds

THE European Central Bank (ECB) was understood to be buying Irish bonds yesterday as it tried to reassure markets that 'peripheral' economies aren't in danger of defaulting on debts.

Reports said the ECB had only purchased €10m of Irish, Greek and Portuguese bonds and the move was designed to convince markets that the ECB will intervene to stabilise European bond prices if necessary. The ECB never comments on bond purchases, but traders claimed it was among the day's buyers.